Modern Warfare = Compute + AI "I suspect there will be a small number of extremely powerful computers with the capability for autonomous invention that will exceed what we want to give either to our own citizens without permission or to our competitors. They will be housed in an

Ten-day rolling silver basis closed at 10+year wides: +13.02%. In other words, the spot bid gap for physical Shanghai silver vs. Comex $XAG. Post-Pandemic, Si-basis >12% have not lasted longer than 48hours as global merchant arbitrageurs enter the arena. #draincomex

Legacy US Treasury re-investment bids. Or, "Energy+Materials $Recycling" in plain sight 👀. Saudi Aramco’s $12 Billion Share Sale Quickly Sells Out, but Who is Buying? tinyurl.com/4e8hmhvh

First Principles of War: Energy Supply Chain. Ukraine power generation now cut ~65%. Decree to double 2x price of energy authorized. Dark ages, or Armistice. Writing on the wall.

Bat Phone ☎️sounding at 1500 Pennsylvania Ave: Extreme fragility now across USTreasury curve. Prevailing liquidity has deteriorated to ~15yr wides, nearly doubling bid-ask extremes of Covid panic which shattered US sovereign collateral values.

Google's TPUs as alternative to NVDA GPUs. Apple's new AI is made in Google data centers Apple is using its own silicon to run new AI features, but it needs Google to train its models. "Apple and Google had for months been working together behind the scenes, with Google

$BTC, Summer of Discomfort: Will Commercials [black] accumulate weakness or pivot short? 🔦 spot XBT: 60,019

This time is not different. The financial system - at its fiat core- has evolved into a market-led refinancing machine. HQLA asset values = the collateral underpinning a complex web of repo & hundreds of Trillions in derivatives . HQLAs began their third episode of rupture in

EMEA-7 FX Carry, clean break > ~3year consolidation ceiling occurred this week. Adds evidence to a nascent, multi-year $USD funding (bear) phase. Critically, the trigger/accelerant to dynamic-trend $USD funding analogs (2006-07, 09-11, 17-18) was YEN strength - which

Energy Transition Metals Liquidation [Copper, Ally, Nickel) - during nascent monthly uptrend. Violent ~21% (-73% ann.) drawdown untenable for leveraged participants. Deepest Fisher Transform (lower histogram) position since week MAR 19 2020 historic de-grossing. Snap reversal

C-wave, Vortex: TDEX- Tail Risk Protection - printed ~+200% for the week ending Friday AUG 2 (RHS, red box), a % spike only surpassed during week of MAR 20, 2020 which marked a rare de-grossing event. Like 2020, ruptures were signaled the week prior, then burst wide-open the

Buy Humiliation & Capitulation, II. China Boom Time. Financial Conditions (30d MA, pink) have entered vertical ascent. Supported by PBoC balance sheet expansion (grey). Positioning and sentiment across China risk assets on a multi-decade floor. All this at a juncture when

Gold-Oil Ratio (GoR), ~8year structural breakout. Gold Miners = marginal producers of the Mutli-Polar World's, re-emerging neutral reserve + settlement asset. Markets begin to comprehend the historical monetary regime implications signaled by GoR. GDX, 40.13 HUI, 328 GoR

Telling meme, post FOMC: "Hawkish 50"!